H2B2

What H2B2 does

H2B2 Electrolysis Technologies, S.L. is a Spanish technology company founded in 2016 that designs, manufactures, finances, builds, operates and maintains hydrogen production systems based on water electrolysis. Its core product is a modular PEM electrolyzer portfolio ranging from small containerized units (EL10N-EL60N, 0.957-5.61 kg/h) to large 40-foot-container systems (EL200N-EL2000N, 17.8-178 kg/h), with a Seville facility carrying 200 MW of annual manufacturing capacity. The company is also developing AEM stacks (which avoid cobalt and nickel) and SOEC stacks (with up to 25% energy savings, including a world-first 3D-printed solid oxide cell pilot at the Merce Lab with IREC).

H2B2 generates revenue across five streams: electrolyzer hardware sales, turnkey hydrogen production plant EPC at 10s-100s MW scale, ongoing operations and maintenance, project development and financing, and direct sale of produced renewable hydrogen. Customers span industrial users (refineries, glass, chemicals, e.g., CEPSA), mobility operators (Fresno Area Express, FM Logistic), energy and utilities (GP JOULE, Técnicas Reunidas, VTT), and research institutions. The company has manufacturing or operational presence in three regions — Seville, California (SoHyCal 9 MW plant in Fresno, one of the largest operational renewable hydrogen facilities in North America), and India — and serves customers in Spain, the US, Germany, Finland, the UAE, and the UK.

The business model combines direct enterprise sales with project development, EPC, and long-term O&M contracts, all governed by quote-based, customized pricing on multi-year contracts. The company is privately held, founder-controlled with leadership drawn largely from former Abengoa executives (Executive Chairman Felipe Benjumea, former Abengoa President; CTO Javier Brey, former CEO of Abengoa Hydrogen), and has publicly signaled intent to pursue a Nasdaq listing. It holds ISO 9001/14001/45001 certifications, was the only Spanish SME selected for the European Commission's IPCEI Hy2Tech program (€25M grant), and won 'Electrolyzer Manufacturer of the Year' at the RENMAD H2 2025 Awards.

Name

H2B2

Legal name

H2B2 Electrolysis Technologies, SL

Website

https://h2b2.es

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

H2B2 Electrolysis Technologies is a Spanish PEM electrolyzer manufacturer and green hydrogen project developer that builds modular electrolyzers and turnkey hydrogen production plants for industrial, mobility, and energy storage customers across Spain, the United States, and India.

Ownership category

akta.pro rank

Product category

Hydrogen Production Equipment

NAICS

Electrical Equipment, Appliance, and Component Manufacturing (335), Air and Gas Compressor Manufacturing (333912)

SIC

Motors & Generators (3621)

akta.pro primary industry

Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM)

akta.pro secondary industries

Power-to-Gas (P2G) / Electrolysis Integration & Operations (EUAJAJAH), Hydrogen Storage EPC, Engineering & Construction (Aboveground/Underground Facilities) (EUAFAEAK)

Keywords

• PEM electrolysis systems
• Hydrogen production equipment
• Green hydrogen plants
• Electrolyzer manufacturing
• Hydrogen refueling stations

Headquarters

HQ city

Sevilla

HQ country

Spain

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Supply Chain, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Electrolyzer Manufacturing & Sales: Design, manufacture, and sale of modular electrolyzers (EL10N through EL2000N series) producing hydrogen at various capacities for industrial, mobility, and energy storage applications
2. Hydrogen Production Plant Development (EPC): Engineering, procurement, and construction of turnkey hydrogen production plants at 10s-100s MW scale, including full system integration with renewable energy sources
3. Operations & Maintenance (O&M): Ongoing operation, predictive and corrective maintenance, remote support services for hydrogen production facilities and electrolyzers
4. Project Development & Financing: Development, promotion, and financing of hydrogen production projects including project finance, SPV settlement, and commercialization of green hydrogen
5. Hydrogen Sales: Direct sale of produced renewable hydrogen to industrial customers, transportation operators, and energy users

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

H2B2 is a technology company that designs, manufactures, and sells modular PEM (Proton Exchange Membrane) electrolyzers ranging from 0.957 kg/h to 178 kg/h hydrogen capacity. The company also promotes, develops, finances, builds, operates, and maintains turnkey hydrogen production plants at MW scale, hydrogen refueling stations, and provides complete green hydrogen value chain solutions including EPC, O&M, and direct hydrogen sales.

Product overview

H2B2 Electrolysis Technologies is a hydrogen production technology company offering a comprehensive portfolio of electrolyzers and integrated hydrogen solutions. The product portfolio includes PEM electrolyzers ranging from small-scale (EL10N-EL60N, 0.957-5.61 kg/h) to large-scale (EL200N-EL2000N, 17.8-178 kg/h), hydrogen production plants for utility-scale deployments (10s-100s MW), and hydrogen refueling stations for mobility applications. The company operates across three geographies (Spain, USA, India) with manufacturing capacity of 200 MW annually in Seville. Key technologies include PEM (caustic-free), AEM (critical material-free), and SOEC (solid oxide with 3D-printed ceramics). Projects like SoHyCal (3,000 kg/day in California) and the HY.Kiel installation (2 MW in Germany) demonstrate the integrated product offering spanning equipment manufacturing, plant development, and O&M services.

Differentiator

Problem solved

Functional benefit

Products and services

• EL10N Electrolyzer Medium-scale PEM electrolyzer producing 0.957 kg/h of hydrogen, integrated in a container. Designed for industrial and mobility customers requiring distributed hydrogen production.
• EL20N Electrolyzer Medium-scale PEM electrolyzer producing 1.881 kg/h of hydrogen, integrated in a container. Targeted at industrial customers needing distributed hydrogen production.
• EL30N Electrolyzer Medium-scale PEM electrolyzer producing 2.805 kg/h of hydrogen, integrated in a container.
• EL60N Electrolyzer Medium-scale PEM electrolyzer producing 5.61 kg/h of hydrogen, integrated in a container.
• EL200N Electrolyzer Large-scale PEM electrolyzer producing 17.8 kg/h of hydrogen, integrated into a 40ft container.
• EL400N Electrolyzer Large-scale PEM electrolyzer producing 35.6 kg/h of hydrogen, integrated into a 40ft container.
• EL600N Electrolyzer Large-scale PEM electrolyzer producing 53.4 kg/h of hydrogen, integrated into a 40ft container.
• EL800N Electrolyzer Large-scale PEM electrolyzer producing 71.2 kg/h of hydrogen, integrated into a 40ft container.
• EL1000N Electrolyzer Large-scale PEM electrolyzer producing 89 kg/h of hydrogen, integrated into a 40ft container.
• EL2000N Electrolyzer Large-scale PEM electrolyzer with 10 cell stacks, producing up to 178 kg/h of hydrogen with max 14,000 kW installed power, operating pressure 15-40 barg, and stack consumption of 4.7 kWh/Nm3 H2.
• Hydrogen Production Plants Full turnkey solutions for 10s and 100s MW-scale hydrogen production plants based on water electrolysis, available in modular and skid-mounted configurations with O&M services, for utilities, industrial customers, and government entities.
• Hydrogen Refueling Stations Modular and stationary hydrogen refueling solutions for vans, forklifts, buses, and cars featuring compression capabilities up to 500 bar, targeted at mobility operators and fleet managers.
• SoHyCal Renewable Hydrogen Production Plant Operational 9 MW renewable hydrogen production plant in Fresno, California, producing up to 3,000 kg/day using PEM electrolysis powered by photovoltaic energy. Certified under California Low Carbon Fuel Standard (CA-LCFS).

Quantifiable outcome

• 200 MW annual manufacturing capacity in Seville
• +4 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

19 partnerships are on record, tiered core and minor.

• IREC (Catalonia Institute for Energy Research)coreStrategic or Co-development Partner · 6 December 2025H2B2 funded the €2 million Merce Lab pilot plant at IREC for manufacturing solid oxide cells (SOC) using 3D printing of functional ceramics. This world-first facility aims to accelerate renewable hydrogen industrialization with ~2 MW/year capacity and projected hydrogen costs below €4/kg. IREC plans to spin out Oxhyd Energy to commercialize the technology.
• GP JOULEcoreStrategic or Co-development Partner · 1 May 2025H2B2 supplied and installed a 2 MW PEM electrolyzer for the HY.Kiel project led by GP JOULE in Northern Germany. The electrolyzer is fully installed and integrated for renewable hydrogen production to supply sustainable transport and local businesses. Cold commissioning completed successfully.
• EcoEngineerscoreStrategic or Co-development PartnerEcoEngineers provided life-cycle assessment (LCA) expertise and regulatory navigation for SoHyCal's California Low Carbon Fuel Standard (CA-LCFS) certification, positioning H2B2 as a key player in producing hydrogen with negative carbon footprint.
• GTL LeasingcoreStrategic or Co-development PartnerPartnership for SoHyCal project involving GTM-1500 trailer as temporary hydrogen storage and dispensing solution, enabling efficient refueling of Fresno Area Express fuel cell electric buses while permanent infrastructure was developed.
• ARCHES H2coreStrategic or Co-development PartnerH2B2 is a proud member and supporter of ARCHES H2 hydrogen hub, collaborating on projects including SoHyCal, a 9 MW green hydrogen facility in California's Central Valley.
• AqualiacoreStrategic or Co-development PartnerH2B2 participates as key consortium member in the Eclosion project led by Aqualia, developing Spain's first AEM electrolyzer at Guadalete WWTP in Jerez de la Frontera. Project co-funded by CDTI and EU Next Generation programme.
• Hydrogen Europe / European Clean Hydrogen AlliancecoreStrategic or Co-development PartnerH2B2 participates in the Electrolyser Partnership launched under the European Clean Hydrogen Alliance, coordinated by Hydrogen Europe and EC's DG GROW, contributing to Clean Industrial Deal framework for renewable hydrogen in Europe's industrial strategy.
• IPCEI Hy2Tech Consortium (41 European companies)coreStrategic or Co-development PartnerH2B2 is one of 41 European companies selected in IPCEI Hy2Tech (only Spanish SME), participating in €5.4B public + €8.8B private investment programme for hydrogen technology development across 15 EU member states.
• California Energy Commission (CEC)coreStrategic or Co-development PartnerCEC approved $3.96M grant for SoHyCal project - pioneering 100% renewable hydrogen production plant with PEM technology in Central California with up to 3,000 kg/day capacity.
• Fresno County Economic Development CorporationminorStrategic or Co-development PartnerStrategic partner supporting SoHyCal project development and clean hydrogen ecosystem in Fresno County, California.
• H2SHIFT ConsortiumcoreStrategic or Co-development PartnerEuropean consortium including Environment Park Torino, Snam, Polito, University South Wales, Resolvent Denmark, CDI Italia, Politecnico Milano, IREC, DLR, Técnicas Reunidas, H2B2, and others creating first innovation center for hydrogen production technologies open to SMEs.
• HyP3D ConsortiumcoreStrategic or Co-development PartnerEuropean project consortium led by IREC including DTU, PoliTo, BSC, 3DCERAM, Vac-Tron, H2B2, and Snam for developing ultra-compact high-pressure SOEC stacks for P2G and HRS applications using 3D printing technology.
• HyPrAEM ConsortiumcoreStrategic or Co-development PartnerHorizon Europe project developing 100 kW AEM electrolysis stack capable of producing hydrogen directly at 100 bar. Consortium led by DTU including HyET, De Nora, TNO, FZ Juelich, TotalEnergies, EPFL, HES-SO, and H2B2.
• ESPAEM Research PartnerscoreStrategic or Co-development PartnerValue chain project developing 100% national AEM technology. H2B2 collaborates with UJI-INAM, ICIQ, CIEMAT, and ICMUV for new materials, components, and processes research.
• TeStack PartnerscoreStrategic or Co-development PartnerIDAE-funded project developing testing platforms for high-power electrolysis technologies. H2B2 collaborates with INTA (AEM platform) and IREC (SOEC platform) for component and system validation.
• UES365 ConsortiumminorStrategic or Co-development PartnerCDTI-funded project on underground hydrogen storage. Consortium includes GNCOM, INERCO, SALMUERAS, TyG, OSSA, NTT DATA, and H2B2 investigating storage in depleted gas fields.
• Ad-Grhid ConsortiumminorStrategic or Co-development PartnerConsortium led by Magtel including Ingelectus, Eléctrica de Villanueva, Nasika, Premo, Protio Power, Tequinson Servicios, and H2B2. H2B2 works with IREC on 100% national SOEC technology development.
• Undergy ConsortiumminorStrategic or Co-development PartnerConsortium including Petroleum, Gas Natural, Ayterra, Gessal, Técnicas Reunidas, and H2B2 investigating underground hydrogen storage in depleted gas fields with Loyola University collaboration.
• Regenera ConsortiumminorStrategic or Co-development PartnerConsortium led by DAM including Sorigué, Engie, Hidroquimia, Tyris AI, Exolum, Aiguasol, and H2B2. H2B2 collaborates with IREC on water electrolysis technologies targeting 33% footprint reduction.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Nel ASA: Norwegian PEM electrolyzer market leader with global manufacturing and installed base. Directly comparable to H2B2 in PEM technology, target customers (industrial, mobility, energy storage), and project development model — but at much larger scale and capital base.
• ITM Power: UK-based PEM electrolyzer manufacturer with GW-scale manufacturing capacity and global project pipeline. Direct competitor in European PEM electrolyzer market; comparable technology and customer segments, with a public listing providing scale H2B2 plans to access via Nasdaq.
• thyssenkrupp Nucera: German electrolyzer specialist (PEM and alkaline) with multi-GW project references. Direct competitor in EU and global industrial hydrogen markets; comparable in offering project development, EPC, and electrolyzer products, but with substantially larger balance sheet.
• Plug Power: US hydrogen fuel cell and electrolyzer company targeting mobility, material handling, and stationary applications. Direct competitor in PEM electrolyzer supply and green hydrogen production; comparable vertical integration from equipment to end-use applications.
• Cummins Accelera: US-based electrolyzer and fuel cell business (formerly Cummins Hydrogen) with PEM and alkaline products. Directly comparable in PEM electrolyzer product portfolio and customer segments (industrial, mobility, data centers); backed by Cummins' corporate balance sheet.
• John Cockerill: Belgian engineering group with large-scale alkaline and PEM electrolyzer offerings. Comparable as integrated provider of electrolyzer equipment and hydrogen plant EPC; similar project development and industrial customer focus.
• McPhy Energy: French electrolyzer company with alkaline and PEM technology, focused on industrial and mobility applications in Europe. Closely comparable in size, European footprint, and end-market segmentation; a useful public-comp benchmark for H2B2's pre-IPO valuation.
• Sunfire: German SOEC and alkaline electrolyzer developer with industrial-scale deployments and EU policy support. Direct peer on next-generation high-temperature electrolysis — H2B2's SOEC platform competes head-to-head in efficiency and cost targets.
• Green Hydrogen Systems: Danish pressurized alkaline electrolyzer manufacturer with focus on green hydrogen production for industrial and mobility customers. Comparable in product positioning and target market; useful public-comp for pre-IPO valuation.

Emerging players

• Ohmium International: US/India-based PEM electrolyzer company focused on distributed green hydrogen production. Comparable in product line and target segments, and especially relevant as a competing PEM manufacturer with India manufacturing presence overlapping H2B2's Indian footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights8 records

Customer concentration

• LinkedInlinkedin.com/company/h2b2
• Xx.com/javierbrey

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about H2B2